1. Vedanta Limited has announced today that it has signed a Power Delivery Agreement (PDA) with affiliates of Sterlite Power Technologies Pvt Ltd.
2. Vedanta aims to partially replace existing captive thermal power capacities with Renewable Energy for smelting and associated operations, and meeting power requirements of capacity expansion at Vedanta Aluminium Limited‐ Jharsuguda, Balco and Hindustan Zinc.
3. The overall arrangement is to procure 580 MW of renewable power where SPTPL and its affiliates are setting up a 1960 MW hybrid‐based renewable energy capacity to achieve this generation in a combination of Solar, Wind and Storage solutions
4. The Sterlite Power is expected to start delivering the power within 24 months of the PDA signing.
5. The project will be funded on 70:30 debt to Equity basis.
About Sterlite Power
1. Sterlite Power is an end‐to‐end energy solutions company enabling large‐ scale heavy energy intensive industries and sector to accelerate their clean energy transition. The company is focused on industrial decarbonisation solutions by providing assured renewable energy (RE) through a combination of solar, wind, energy storage and balancing solutions to the Commercial & Industrial segment. It is led by senior professionals who have executed over 3000 MW of RE projects globally.
2. Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 27 projects across India and Brazil with a total capex of ~Rs.36,000 Crores.
3. SPTL provides bespoke and integrated power solutions for the upgrade, uprate and fiberization of existing transmission infrastructure projects. It also has a portfolio of high‐performance power conductors, extra high voltage (EHV) cables and optical ground wires(OPGW). Advancing the carriage towards a green energy efficient future, SPTL has an increasing focus on integrating renewable energy into the grid.
This is a positive news for Sterlite Power that it has won a 580 MW energy project under his kitty. Though the project is from same group.